The Presidency has rejected a social media claim that President Bola Tinubu borrowed ₦120 trillion in three years. Dada Olusegun, Special Assistant to the President on Social Media, called the figures misleading. He attributed the graphic to opposition groups. The graphic said 16 past leaders borrowed ₦46 trillion over 63 years.
Nigeria’s public debt has grown sharply. In June 2023, it stood at about ₦87.38 trillion. By June 2026, it had reached about ₦166.79 trillion. The increase reflects new borrowing, exchange rate effects, and the securitisation of Ways and Means advances. In May 2023, the CBN converted ₦22.7 trillion in overdrafts into long-term bonds. The naira float in June 2023 raised the local currency value of existing dollar debt. That accounting effect does not represent new borrowing.
Olusegun said the ₦46 trillion figure cited for past leaders left out the Ways and Means advances. He said the June 2023 exchange rate unification added about ₦13.4 trillion to the naira value of existing dollar debt. He put the actual rise in dollar debt at $7.5 billion. He challenged the accuracy of the viral graphic. Tinubu has also asked the Senate to approve $7.7 billion in external borrowing to part-finance the 2026 deficit.
The debate is about accounting, not politics. Debt can rise because of new borrowing. It can also rise because of currency movements. The public sees the headline number. It does not see the breakdown. The Presidency is trying to explain the difference. The opposition is using the number for campaign material. Both are playing their roles.
Winners: The Presidency, which defends its record. The opposition, which gains a talking point. Analysts, who gain a case study. Losers: Voters, who face confusing claims. The Debt Management Office, whose figures are contested. The government, if the explanation is not accepted.
Bottom Line: Debt rose from ₦87 trillion to ₦167 trillion in three years. Some of that is new borrowing. Some is exchange rate accounting. The Presidency must explain the difference clearly. The opposition will keep using the headline.